A further look at the market metrics shows that Bitcoin Cash (BCH) has mounted a bullish price action after it reportedly stole Bitcoin’s (BTC) spark in the recent crypto bull run. The entire cryptocurrency market, added $30 billion as the Bitcoin bull run brought the space back to its glory days when BTC hit nearly $5,000 according to CoinMarketCap.
Bitcoin Cash (BCH) Price Today – BCH / USD
What Caused the Price Surge for BCH?
The recent positive announcements relating to Bitcoin Cash (BCH) could be one reason behind its 50% price gain. Crypto Facilities, Crypto Facilities, a subsidiary of Kraken which provides digital token reference data to the CME (Chicago Mercantile Exchange), saw its Litecoin and Bitcoin Cash futures contract spike in recent weeks, as crypto investors flocked into LTC and BCH.
Bitcoin Cash reportedly also saw developments in their SLP (Simple Ledger Protocol). This allows users to seamlessly check their tokens created on the chain. seamlessly. Between internal specifications to external usage, Bitcoin Cash was among the six cryptos that were integrated into Bitcoin.travel. This was done to allow users the ability to book their flights with BCH tokens.
Trading Patterns a Contributing Factor?
Another factor here is trading patterns. Experts have speculated that trading movements have caused the BCH price to achieve this recent massive pump. Now many analysts are of the view that the recent Bitcoin bull run or boom emerged from the Asian trading market instead of through their western contemporaries. According to Bloomberg that the trigger was as a result of the automated software that was curated to execute at least $100 million trades in multiple exchanges.
Oliver von Landsberg-Sadie, who serves as the CEO of the BCG group, is of the view that Kraken, Coinbase, and Bitstamp were the exchanges referenced here.
At press time, Bitcoin Cash (BCH) is trading at $252.66 according to data given by CoinMarketCap. This is actually the first time that the BCH price rose above the $250 position.
BitMEX Says Less Than 200 Positions Between XBT and ETH Contracts Suffered Erroneous Auto-deleveraging
It is interesting to point out that, the recent Bitcoin bull run was unexpected. Nevertheless, some of influencers had initially speculated the cause of the Bitcoin bull run to be because of the April Fools Day report that was published by Finance Magnets. The report says the U.S SEC (Securities and Exchanges Commission) has finally given the green light for the launch of a Bitcoin ETF (Exchange Traded Fund).
The Bitcoin bull run affected investors and traders, especially short-sellers as BitMEX reported that $400 million shorts were liquidated on the Bitcoin Mercantile Exchange.
BitMEX published a statement that it had observed an auto-deleverage of positions due to the sharp price hike. The exchange took to Twitter to say:
“On 2 April 2019 from 04:44:34 UTC and 05:22:08 UTC, no more than 200 positions across ETHM19 and XBTU19 encountered erroneous auto-deleveraging. The affected users have been compensated accordingly.”
XBTU19 and ETHM19 both of which are futures contract are available on the exchange. Each XBT contract worth $1 of BTC and Ether contract valued equal to its cost in Bitcoin. Per the official blog post by BitMEX, the aforementioned contracts are “perfect for speculation.”